How a Teacher Can Become a Millionaire презентация

How a Teacher Can Become a Millionaire How a husband and wife, both teachers, saved up nearly $1 million in just 16 years.

Yes, it’s true! Ed Mills and his wife have spent the bulk of their working lives as teachers in Georgia. They’ve used some unusual techniques to become millionaires—all while living a life they wouldn’t trade for anything.

But how did they do it? The couple’s journey is best understood by looking at five key aspects of their lives

Key #1 Teaching in Saudi Arabia (1996-2001)

The Advantages Though the salary was just $40k per year… It was not taxed! Use of housing and a car were included free of charge!

The Result After three years, their student loans were entirely paid off. After two more years, the couple’s net worth was $103,000.

Key #2 Teaching in Georgia: Maxing Out Retirement Accounts (2002-2015)

Supercharged Savings Back in 2002, the couple earned $85,000 combined. From 2002 onward, the couple maxed out their 403(b)s and IRAs (Traditional or Roth) From 2005/2006 onward, they maxed out their 457 accounts (which allow for penalty-free withdrawals), a Coverdell Education Account (for their son), and their school-sponsored annuity. From 2012 on, they maxed out a family Health Savings Acct. (HSA).

Key #3 Salary Bumps via Advanced Degrees

Advanced Degrees Ed eventually earned two Master’s degrees and a Specialist degree. His wife eventually received her advanced degrees as well. Ed estimates this led to an automatic 25% bump in their yearly salaries.

Key #4 Geographic Arbitrage

What is Geographic Arbitrage? A simple definition Saving money by living in areas with lower costs of living.

Examples of Geographic Arbitrage Saudi Arabia

A Notable Side-Effect Because of constantly shifting jobs, they were allowed to roll over their 403(b)s. They had many more investment options. This also reduced fees significantly.

Key #5 Living Frugally

The Key to Savings As you might have guessed, Ed and his wife don’t need much to be happy. At one point, the couple earned $100K per year, and was able to save over 60% of that pre-tax salary! The couple splurges on travel—usually internationally. Last year, they took months off of work to visit Cancun for an extended period with their son.

More Retirement Help Ed was able to help his family by doing extensive research on different ways to boost his retirement savings. We’d like to help you do the same. Check out our special free report…